El Salvador Opens a Bitcoin Embassy in Switzerland

El Salvador has signed a memorandum of understanding with the city of Lugano, Switzerland aimed at spreading Bitcoin adoption across the continent. 

The central American nation has also opened a “Bitcoin office” within Lugano, according to the country’s U.S. ambassador Milena Mayorga.

• During Tether’s inaugural Plan B forum in Lugano on Friday, Mayorga said the office would be staffed by a new Honorary Consul devoted to advocating Bitcoin throughout Europe. 

• “My fellow Salvadorans and I are very excited by the promise of Bitcoin, and I look forward to seeing how this initiative will help increase access to economic security and economic freedom for all,” said Mayorga.

• El Salvador became the first country in the world to establish Bitcoin as a legal tender in September 2021. Despite the coin’s massive price retracement since that time, its President remains supportive of its use and has even bought more during the bear market. 
• Lugano has taken similar measures, making the asset a de facto legal tender, alongside the USDT and LVGA stablecoins in March. 
• Tether on Friday applauded the partnership between El Salvador and Lugano.
  

  “We commend the pioneers leading Lugano and El Salvador for launching this initiative, which promises to foster the exchange of best practices and ideas regarding the power of cryptocurrency,” said Tether CTO Paulo Arduino in a statement. 

• The stablecoin provider has already supported El Salvador with numerous Bitcoin adoption initiatives, such as sponsoring its upcoming “Adopting Bitcoin” conference.